C3.ai, Inc.

C3.ai, Inc.

AIEnterprise PlatformAI Narrative Stock

C3.ai is an enterprise AI software company.

Key figures

Data as of Jul 2026 · Pills compare vs Apr 2026
ARR Multiple
9.2x
+2.2x
ARR
$210M
+1.5%
YoY Growth
-25.5%
+27.1pp
Market Cap
$1.9B
+30.8%
Revenue (Q)
$52M
+1.5%
Gross Margin
31.8%
+9.9pp
Op. Margin
-187.6%
+47.2pp
Rule of 40
-213.1
+73.8
Magic Number
0.06
+0.16

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 13 Oct 2026; their pills compare vs the Jul 2026 quarter-end (7.0x).

Valuation by quarter

Current ARR Multiple: 7.0x

Calculated valuation

FRAMEWORK EST.
Valuation data is not available for this company.

Strategy recommendations

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AI Replacement RiskLOW
9/ 100
LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score
DevOps & developer toolsCategory baseline
low base
Workflow complexity5/5
-12 risk
Data moat3/5
-1 risk
Integration depthHigh
-10 risk
SegmentEnterprise
-8 risk
IndustryOther
neutral
Own AI integration4/5
-4.8 risk
Ways to reduce exposure
1

You are already shipping meaningful AI capabilities. Double down on uses that depend on your unique data — those are the hardest for general-purpose models to replicate.

Company overview

C3.ai is an enterprise AI software company. It provides a platform and pre-built AI applications for organizations that want to apply artificial intelligence to critical business operations without building custom infrastructure. Tom Siebel, who previously founded Siebel Systems (the CRM company Oracle acquired), started C3.ai in 2009 in Redwood City, California. The focus is large enterprises and government organizations.

The C3 AI Platform handles the full AI application lifecycle. Data ingestion and unification from multiple sources, model development and training, MLOps, feature engineering, and production deployment. It's designed to compress AI development timelines from months to weeks. Building AI at enterprise scale is hard. The platform aims to make it more accessible for organizations that don't have deep AI engineering teams.

C3.ai also offers a library of turnkey AI applications for use cases like predictive maintenance, supply chain optimization, fraud detection, energy management, anti-money laundering, and inventory optimization. C3 Generative AI, launched in 2023, brings large language model capabilities to enterprise search, document understanding, and conversational analytics.

Customers span defense, intelligence, manufacturing, energy, financial services, and healthcare. The US Department of Defense, Baker Hughes, Shell, and Koch Industries are among the deployments. Annual revenue is roughly $350 million. The company shifted from subscriptions to consumption-based pricing. Gross margins are about 60%. Around 900 employees work at C3.ai. Competitors include Palantir, Databricks, Google Vertex AI, and AWS SageMaker.

Entity information

Industry7372: Services-Prepackaged Software
Fiscal YearApr 30
IncorporatedDelaware
Phone(650) 503-2200
Address1400 SEAPORT BLVD, REDWOOD CITY, CA, 94063
Mailing address1400 SEAPORT BLVD, REDWOOD CITY, CA, 94063
EIN26-3999357
Entity typeoperating
SEC industry framework06 Technology
Former namesC3 IoT, Inc. (to 2018-03-26); C3, Inc. (to 2013-05-29)

SaaS KPIs

Reported in at least 3 quarters

RPO

10 quarters
$223.2M
Q1 FY2026-5.1%

Remaining Performance Obligations (RPO)

10 quarters
$200.0M
Q1 FY2027-1.5%

Non-GAAP Gross Margin

9 quarters
50%
Q1 FY2027-19.0pp

Non-GAAP RPO

7 quarters
$436.3M
Q3 FY2023-12.2%

Cancellable backlog

5 quarters
$44.9M
Q3 FY2024+10.6%

Free Cash Flow

5 quarters
$2.1M
Q1 FY2027-79.7%

Management outlook

Given with Q1 FY2027 results (Jul 2026)
ReportedGuidanceFY2026 (cumulative)

Guided revenue, FY2027$210.0M – $240.0M
Midpoint$225.0M
Growth vs FY2026-10.1%
Reported, Q1$52.4M
Implied Q2–Q4$157.6M – $187.6M
Second Quarter Fiscal 2027
Non-GAAP loss from operations$(34.5) - $(42.5)
Full Year Fiscal 2027
Non-GAAP loss from operations$(123.0) - $(155.0)
Fiscal 2027
Total operating expensesdecline as compared to total operating expenses for fiscal year 2026

Quarterly financials

Left axis in $ (Revenue, Gross profit, Net income, S&M); right axis for ratios (Rule of 40, Magic number). Click a legend item to toggle it.

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